The assessee bought units of a mutual fund and immediately became entitled to receive dividend. After the dividend payout, the NAV of the unit fell. The assessee redeemed the units and claimed a loss. The dividend was claimed exempt u/s 10(33). The AO & CIT (A) rejected the claim of loss on the ground that the loss was “artificial” and could not be allowed.
On appeal to the Supreme Court, HELD, dismissing the appeal
The finance ministry may put on hold the final phase of its two-year-old road map that was meant to give complete freedom to PSB to choose their statutory central auditors.
ICAI has been opposing the ‘autonomy’ move from the very beginning, as it felt that by giving the banks the powers to choose their auditors, the government was weakening the auditor’s powers to make critical observations against the PSBs.
From 2010-11 onwards, the ministry is likely to ask banks to follow the previous year’s practice, which necessitates the involvement of the RBI in the selection process.
In partial modification of the announcement dated 30th June 2009 regarding transfer / termination of articles the Council in its recent meeting has decided that the transfer/termination of articleship in terms of Regulation 56(1) of the Chartered Accountants Regulations, 1988 shall be permissible on the grounds as stated below: -
I. Transfer /termination of articles is permitted without any restriction during the first year of articles.
The government said that it will introduce a draft legislation on the DTC, which would replace half-a-century old IT Act, in Parliament in the forthcoming monsoon session.
“If Parliament procedure is complete and it becomes a law, it will be implemented from April 1, 2011,” Revenue Secretary Sunil Mitra told reporters after releasing the revised DTC draft.
A five-judge Supreme Court (SC) constitution bench cleared the decks for the establishment of a National Company Law Tribunal (NCLT) on the basis of new guidelines on the composition and functioning of these tribunals.
By eliminating several intermediate steps, NCLT will expedite the disposal of corporate disputes and winding up petitions.At present, disputes are first raised at the level of the Company Law Board and then the high courts.
A five-judge Constitution bench of the Supreme Court will deliver on Tuesday a much-awaited judgment on the formation of the National Company Law Tribunal (NCLT).
NCLT was proposed in the Companies (Second Amendment) Act, 2002. It was envisaged to take over the functions hitherto performed by the Board for Industrial and Financial Reconstruction, the Appellate Authority for Industrial and Financial Reconstruction and the Company Law Board, as well as the high courts, in winding up of companies. Its formation will introduce revolutionary changes in the dispute resolution process.
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